Models
ZYDUS LIFESCIENCES LTDZYDUSLIFEPharmaceuticals & Biotechnology
₹854per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹854implied FY26 P/E 19.0× · EV/EBITDA 12.1×
Against CMP ₹1,119.10−23.7%close of 2026-09-10
Growth the CMP implies28.7%revenue, a year for 5 years, on your other inputs
Value after FY3183%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹619₹1,324
52-week rangetraded range, a fact not a value
₹836₹1,205
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 16,624 |
| PV of terminal value | 79,519 |
| Enterprise value | 96,142 |
| less net debt | (10,914) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 85,228 |
| ÷ 99.80 crore shares | ₹854 |
83% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 887 | 967 | 1,062 | 1,179 | 1,324 |
| 10.50% | 805 | 871 | 948 | 1,042 | 1,156 |
| 11.00% | 734 | 789 | 854 | 931 | 1,022 |
| 11.50% | 672 | 720 | 774 | 838 | 913 |
| 12.00% | 619 | 659 | 706 | 760 | 822 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,119.10; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 637 · 844 · 1,098 |
| Draws below the CMP | 91% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.52 |
| Rank correlation with revenue growth | +0.35 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17,237 | 19,547 | 23,242 | 27,148 | 31,764 | 37,163 | 43,481 | 50,873 | 59,521 |
| growth % | 12.9 | 13.4 | 18.9 | 16.8 | 17.0 | 17.0 | 17.0 | 17.0 | 17.0 |
| EBITDA | 3,256 | 5,370 | 6,839 | 7,959 | 9,307 | 10,889 | 12,740 | 14,906 | 17,440 |
| margin % | 18.9 | 27.5 | 29.4 | 29.3 | 29.3 | 29.3 | 29.3 | 29.3 | 29.3 |
| less depreciation | (723) | (764) | (916) | (1,408) | (1,652) | (1,932) | (2,261) | (2,645) | (3,095) |
| EBIT | 2,533 | 4,606 | 5,923 | 6,551 | 7,655 | 8,956 | 10,479 | 12,260 | 14,345 |
| less tax on EBIT | (1,579) | (1,845) | (2,158) | (2,525) | (2,955) | (3,457) | |||
| NOPAT | 4,972 | 5,810 | 6,798 | 7,954 | 9,306 | 10,888 | |||
| add depreciation | 723 | 764 | 916 | 1,408 | 1,652 | 1,932 | 2,261 | 2,645 | 3,095 |
| less capex | (1,031) | (907) | (1,713) | (3,394) | (3,970) | (4,064) | (4,074) | (3,971) | (3,714) |
| less working-capital build | — | (1,394) | (1,631) | (1,908) | (2,232) | (2,612) | |||
| Free cash flow to firm | 1,658 | 2,321 | 5,064 | — | 2,098 | 3,036 | 4,232 | 5,748 | 7,657 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,991 | 2,596 | 3,260 | 3,989 | 4,787 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 11,770, dividends at 22% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 6,551 | 7,655 | 8,956 | 10,479 | 12,260 | 14,345 |
| Interest at 5.9% on debt | (694) | (694) | (694) | (694) | (694) | |
| Profit before tax | 6,961 | 8,262 | 9,785 | 11,566 | 13,650 | |
| Profit after tax | 5,040 | 5,283 | 6,271 | 7,426 | 8,779 | 10,361 |
| Dividends | (1,106) | (1,162) | (1,380) | (1,634) | (1,931) | (2,279) |
| Balance sheet, year end | ||||||
| Cash | 855 | 1,263 | 2,393 | 4,464 | 7,754 | 12,604 |
| Working capital | 8,197 | 9,590 | 11,221 | 13,129 | 15,361 | 17,973 |
| Net block and other assets | 43,355 | 45,674 | 47,805 | 49,618 | 50,943 | 51,562 |
| Debt | 11,770 | 11,770 | 11,770 | 11,770 | 11,770 | 11,770 |
| Equity | 29,582 | 33,703 | 38,594 | 44,387 | 51,234 | 59,315 |
| Balance check | 0 | (0) | (0) | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 5,541 | 6,573 | 7,780 | 9,192 | 10,844 | |
| Investing (capex) | (3,970) | (4,064) | (4,074) | (3,971) | (3,714) | |
| Financing (dividends) | (1,162) | (1,380) | (1,634) | (1,931) | (2,279) | |
| Net change in cash | 408 | 1,129 | 2,072 | 3,290 | 4,850 | |
| Free cash flow to equity | 1,571 | 2,509 | 3,705 | 5,221 | 7,130 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 17% | 29.3% | 11.00% | 5% | ₹854 | (23.7)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.